R-Cap exits RIL; sells Rs 130 cr worth shares

Anil Ambani group firm Reliance Capital (R-Cap) has exited Mukesh Ambani-led Reliance Industries (RIL) by offloading an investment worth Rs 129.88 crore in the shares of the country's most valued firm.

However, R-Cap continues to hold a little over 1 per cent stake in another Mukesh Ambani group firm Reliance Industrial Infrastructure (RIIL).

Incidentally, another Anil Ambani group firm RNRL is engaged in a legal battle with RIL and both entities have approached the Supreme Court in last two days on a judgement by Bombay High Court on a gas supply dispute between them.

The disclosures about the sale of RIL shares as also the continuing investment in RIIL shares have been made in the annual report of R-Cap for the fiscal 2008-09. The report is being sent to shareholders ahead of its Annual General Meeting on July 21.

At the end of 2008-09, R-Cap's holding of RIL shares was nil against 74,85,295 shares valued at Rs 129.88 crore as on March 31, 2008. These shares account for just about 0.5 per cent of Mukesh Ambani group's flagship company, but at the current market price of Rs 2,025.85 a share, it would have been worth over Rs 1,500 crore.

As per its balance sheet, RIL is the only listed company whose equity shares were fully offloaded by R-Cap in 2008-09.